CIC Eyes Chiswick Park Acquisition from Blackstone Group
The China Investment Corporation (CIC) is in key discussions with the Blackstone Group on acquiring the 33-acre Chiswick Park. Located in West London, Chiswick Park is a former brownfield industrial site that currently has tenants such as Ranbaxy, Tullow Oil and Pepsi. In March 2011, the Blackstone Group LP bought the site from the Chiswick Park Unit Trust which consisted of Stanhope, Schroders and Aberdeen Asset Management for £480 million.
The CIC is no stranger to London real estate.
Between 2009 and 2011, the Blackstone Group embarked on a London real estate shopping spree. Then in the beginning of 2011, the private equity firm has been attempting to unload these major core properties such as Broadgate to large long-term oriented buyers such as sovereign wealth funds.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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